Background

The Task Force on Climate-Related Financial Disclosures (TCFD) was set up in 2015 by the Financial Stability Board (FSB) to develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders. Increasing the amount of reliable information on financial institutions’ exposure to climate-related risks and opportunities will strengthen the stability of the financial system and facilitate financing the transition to a more stable and sustainable economy.

Following the publication of the final recommendations by FSB’s TCFDin June 2017, UNEP FI banks not only welcomed the recommendations but have also declared their intention to jointly pioneer practical approaches to implement this ground-breaking, forward-looking framework. With this aim, sixteen of the world’s leading banks announced that they will work together with UNEP FI to develop analytical tools and indicators to strengthen their assessment and disclosure of climate-related risks and opportunities.

Background readings

UNEP FI Inputs to the Task Force on Climate- related Financial DisclosuresPresentation by Eric Usher, Acting Head of UNEP FI, February 9th, 2016Facilitating the flows and integration of climate information for a smooth but determined transition to the new climate economy. Read more

Leading Insurance Supervisors support adoption of Climate Disclosure RecommendationsUN Environment News, July 25th, 2017The Sustainable Insurance Forum (SIF) – a global network of insurance supervisors and regulators working together to strengthen their response to relevant sustainability challenges – has released a statement welcoming the recommendations and guidance of the Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures (TCFD). Read more